What is Rally?
Rally enables creators, artists, sports athletes, and businesses to develop their own cryptocurrencies (‘Creator Coins’) in order to increase audience interaction and capitalise on new income options.
Fans may purchase these Creator Coins, which can increase in value as the creator’s fan base grows. These coins may also be used to symbolise a degree of commitment/fandom, provide early or tiered access to exclusive material, and acquire non-fungible tokens (NFTs) produced by the creator.
RLY is the governance token for the Rally network. Creators and communities can use the RLY token to purchase Creator Coins to show support for their favourite brands.
A brief history of Rally
Rally was established in 2018 by Kevin Chou and is backed by leading investors such as Andreessen Horowitz, Battery, Canaan, Coinbase Ventures, SparkLabs, 1confirmation, and others. Its Creator Coin was launched into beta in August 2020, followed by its native governance token RLY in October 2020. The RLY token supply is capped at 15 billion, and the entire supply was minted during a RLY token generation event (TGE) that same month.
RLY debuted at US$0.07 in December 2020 before quickly reaching its all-time high (ATH) of US$1.4 in March 2021. As of June 2022, Rally is the largest social token project by market cap, with a market cap of US$144,157,217.
How Rally works
Rally aims to empower creators with the ability to launch and build their own digital economy, independent from any specific platform, while enabling them to connect with their fan communities like never before.
It is a public network based on the Ethereum blockchain, meaning that Rally users may seamlessly connect with the enormous Ethereum decentralised finance (DeFi) ecosystem. Rally allows creators and communities to easily launch their own social tokens and NFTs. These tokens may be configured in a number of ways to fulfil the demands of the community that they intend to serve. Users may enter critical information, such as total amount, value, and technical specifications. Smart contracts encrypt the data and include it into the token's basic protocol.
Users can also use the Rally NFT marketplace to easily launch NFTs. With these digital materials, creators have a lot of leeway. They may insert important information like the NFT title, issuance data, royalty amount, sales pricing, and method. Content creators may receive vital information into the whole token issuance process and launch strategy using the creator resources function. This area contains detailed documentation, videos, and tutorials to help in determining the ideal launch plan for your coin, as well as other important project aspects.
What is Rally used for?
Rally contributes to the reduction of technical hurdles to blockchain adoption. Large online groups benefit greatly from incorporating cryptocurrency into their strategy. This approach, however, can be costly because it necessitates the use of someone with advanced blockchain programming skills. Rally solves these problems by creating an easy-to-use interface that streamlines these operations.
According to Rally, fans want to interact with content creators on a more intimate level. The issuing of social tokens enables creators, artists, sports entities, and enterprises to satisfy this need while also creating new ROI potential on both sides of the equation. An NBA club, for example, might issue social tokens to reward devoted fans for online activity. These tokens might then be used to get access to rewards like previously unpublished material or merchandise.
Another critical use case would be allowing organisations to better decide on important aspects, such as fee schedules and cash distribution. Certain groups may use tokens to restrict particular portions of their organisation to authorised members. Consider a rock band that gives out a free digital or live performance to fans who have a certain token or a fixed number of tokens. Rally makes all of this and more possible.
